Returning more quality, affordable housing to our neighborhoods has been a top priority over the last 20 years, and Hope Credit Union is proud to play a role in meeting that need.
Byram, MS (PRWEB) October 16, 2013
The PGP award will assist Home Again with costs associated with a program it has to rehab properties, primarily foreclosures, to provide housing for low- and moderate-income families.
The PGP check presentation took place at one of the recently renovated properties in Byram, Mississippi.
“We rehab these properties and put them back on market. We’ll be using FHLB Dallas funds to do that rehab,” said Phil Eide, executive director of Home Again. “The cost per home ranges from a couple thousand dollars to $30,000 to $50,000 to do that rehab. We’ve got five or six of these houses to complete. Having the PGP funds to help with the cost of rehabbing and holding these properties means Home Again can expand the number of projects it can undertake.”
Home Again was formed in 2006 with the mission of supporting revitalization and recovery following Hurricane Katrina. Since its inception, Home Again has partnered in the development of 260 units of single-family and multifamily housing in Mississippi.
Partnership grants are awarded through FHLB Dallas member institutions, such as Hope Credit Union, to assist with the operational needs of nonprofit, community-based organizations involved in affordable housing and community development. Partnership grants are based on cash contributions of $500 to $5,000 made by FHLB Dallas member institutions, which FHLB Dallas matches at a 3:1 ratio. FHLB Dallas awarded $225,000 in PGP grants this year.
PGP provides HOPE with an opportunity to leverage its contributions to community organizations it already supports.
“The PGP allows us to provide a larger contribution to organizations that are truly making a positive impact in our communities,” HOPE CEO Bill Bynum said. “Returning more quality, affordable housing to our neighborhoods has been a top priority over the last 20 years, and Hope Credit Union is proud to play a role in meeting that need.”
HOPE (Hope Enterprise Corporation/Hope Credit Union) is a community development financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South.
Since 1994, HOPE has generated more than $1.7 billion in financing and related services for the unbanked and underbanked, entrepreneurs, homeowners, nonprofit organizations, health care providers and other community development purposes. Collectively, these projects have benefitted more than 400,000 individuals in the Delta, Katrina-affected areas and other distressed communities throughout Arkansas, Louisiana, Mississippi and Tennessee. This impact has been substantially multiplied by HOPE’s policy and intermediary efforts, which have
informed and influenced the flow of public and private resources to assist disenfranchised people and places across the Mid South and nationwide.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $32.7 billion as of June 30, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.